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Quiz 1
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Q.1
If a life has an anticipated mortality significantly lower than standard lives and could be charged lower premium the life is a –
Standard life
Sub-standard life
Declined risk
Preferred risks
Q.2
What are the 2 methods of underwriting?
Direct & indirect
Accept or decline
Judgement & Numerical
Openended & closeended methods
Q.3
Who can do a nomination under the policy?
Assignor
Assignee
Life Insured
Nominee
Q.4
Assignee can do another _________ but cannot do _________
Nomination, Assignment
Nomination, Surrender
Assignment, Foreclosure
Assignment, Nomination
Q.5
The medical opinion could be taken from –
Any Doctor
Medical Referee
Medical Consultant
Medical Practitioner
Q.6
What is lien?
An underwriting decision where increased death benefit would be payable
An underwriting decision where decreased death benefit would be payable
A decision which does not alter the death benefit
None of the three
Q.7
Number of cases which gets accepted by the underwriting under Non-medical are –
Very small
Small
Large
Not significant
Q.8
In costumer relationship the first impression is created
By being confident
By being on time
By showing interest
By being on time , showing interest and being confident
Q.9
Which of the below tips are useful making a good first impression?
Being on time always
Presenting yourself appropriately
Being open , confident and positive
All of the above
Q.10
Which is a fixed amount for a covered service in the health sector?
Coinsurance
Deductible
Copay
Health Insurance
Q.11
Under the loan cum revival which of the following is correct?
The policyholder would pay full arrears of premium with interest like ordinary revival
The loan granted would be used as a consideration amount and balance only payable
Both A & B
None of the above
Q.12
When instalment revival can be availed?
When policyholder is unable to pay full arrears of premium in lumpsum
When the policy could not be revived under special revival scheme
Both A & B
None of the above
Q.13
Who gets benefited if a policy is lapsed?
Insurer
Insured
Both Insurer & Insured
None of the above
Q.14
Assignment involves transfer of _________ under the policy to another person/entity.
Rights
Title
Ownership
Any of the above
Q.15
The person who transfer rights is called _________ and the person who receives the right is called _________
Nominee, Assignee
Appointee, Assignee
Assignor, Assignee
Lender, Loanee
Q.16
Which type of alterations amongst the following is not permitted?
Reduction in sum assured
Change in mode of premium payment
Correction in name
Increase in risk
Q.17
Which type of alterations amongst the following is not permitted?
Extension of term
Change from with profit to without profit
Alterations which result in lowering the premium
All of the above
Q.18
Anti-selection means -
Tendency of people who expect loss to take insurance eagerly leading to loss to the insurer
Tendency of people to go for small amount of insurance
Tendency of people who have good health to go for insurance
Non evincing keen interest in buying an insurance
Q.19
A deductible is usually mentioned in
Rupee
Dollar
Euro
Any currency
Q.20
Non-forfeiture provisions means accrual of certain benefits to policyholders if premiums are paid for at least
One year
Two years
Three years
Four years
Q.21
Loan value is a percentage of –
Paid up value
Surrender Value
Revival Value
None of the above
Q.22
What is common between nomination and assignment?
Both can be done at the time of taking the policy
Both are done as per Insurance Act, 1938
Both involve transfer of rights under the policy
None of the above
Q.23
In respect of Assignment which of the following is correct?
Assignee becomes owner of the policy
Assignee cannot have better rights than assignor
Both A & B
None of the above
Q.24
Which of the following is correct?
Under absolute assignment, the assignee will have all rights
The assignee can deal with the policy in any manner
Under conditional assignment the policy shall revert back to the assignor on the happening of an event
All of the above
Q.25
What is the way to revival a lapsed policy of life insurance?
Ordinary revival
Special Revival
Instalment revival
Any of the above
Q.26
Which is the simplest form of revival?
Ordinary revival
Special Revival
Instalment revival
Any of the above
Q.27
Revival would be subject to –
No increase in risk cover
Creation of reserve
Satisfactory evidence of insurability
All of the above
Q.28
Satisfactory evidence of insurability would mean –
Satisfactory premium payment
Satisfactory evidence of health
Satisfactory proposal form
Satisfactory terms and conditions
Q.29
What is the maximum %age of surrender value that can be granted as loan?
50 percent
75 percent
80 percent
90 percent
Q.30
In so far policy loans are concerned, which one of the following is correct?
The policy has to be assigned in favour of the insurer
Such an assignment will not cancel the nomination already made
Both A & B
None of the above
Q.31
Under special revival which is correct?
It is as though a new policy is issued by altering DOC
The maturity date also gets altered
Difference between old and new premium is payable
All of the above
Q.32
What is the condition for special revival?
The policy should have loan value
The policy must not have acquired surrender value
Either A or B
Neither A nor B
Q.33
A loan-cum revival would mean –
Granting a loan
Revival of the policy
Both A & B
None of the above
Q.34
If a policy is lapsed for a very short period of time only, what would be the requirement:-
Medical Report
Medical Underwriting
Certificate of good health
None of the above
Q.35
When a medical report would be called at the time of revival?
When the policy is in a lapsed condition for a long period
If health problem is present
If the sum assured is high
All of the above
Q.36
It would be advantageous to Revive a lapsed policy rather than taking a new policy. Most apt reason is -
Fresh conditions may be imposed under a new policy
Policyholder may not get the same policy benefits
That policy may longer be available for sale
Premium under a new policy would be more based on his latest age
Q.37
If both policy loan and premiums are not paid, the outstanding loan/interest may exceed the policy’s cash value. What would the insurer do in such an eventuality?
Surrender
Revival
Cancellation
Foreclosure
Q.38
In respect of nomination, which one of the following is incorrect?
Where the nominee is a minor, an appointee has to be appointed
The appointee has to given his/her written consent
Nominee has right to whole/part of the claim
None of the above
Q.39
Where more than one nominee is nominated –
The death claim monies will be shared
The death claim monies is payable jointly
Both A & B
None of the above is correct
Q.40
‘Clause’ under a life insurance policy means –
Risk not covered
Risk covered
Surrender
Loan facility
Q.41
What is the standard length of a grace period under a life insurance policy?
One month not more than 30 days
One month not less than 31 days
One month not more than 31 days
One month not less than 30 days
Q.42
When a policy is said to lapse?
If premiums are paid within grace period
If premiums are paid after grace period
If premiums are not paid after grace period
If premiums are not paid within grace period
Q.43
Which is evidence of contract?
Policy document
Prospectus
Proposal form
FPR
Q.44
What are the parts of a policy bond?
Policy schedule
Standard provisions
Specific provisions
All of the above
Q.45
The free look period available to cancel a policy is –
15 days
30 days
45 days
60 days
Q.46
When free look period under a policy would commence?
Date of commencement
Date of receipt of policy bond
Date of FPR
Any time
Q.47
Which is a not a standard age proof?
PAN card
Baptism Certificate
Service Register
Ration card
Q.48
Which is a standard age proof?
Horoscope
Ration card
PAN card
Self declaration
Q.49
If the policyholder dies within grace period –
Claim will be rejected
Claim will be paid subject to policy conditions
Claim is payable after deducting the prem
None of the above
Q.50
Revival of a policy is not a _________ right of the insured.
Conditional
Unconditional
Legal
Fundamental
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